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talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here becaus
of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending. >> despite that prognosis for rates and the fact that we're now matching the record lows here, the
prices to next year. it will be oil related, a chance, good job with raising the tax threshold in the uk. that means for the first year in five. uk link will be up, not down. and them i also think thattory thing our chancellor did a good job of was she raised taxes by 10 so companies can invest a 215 pounds, not just 200 pounds. >> that's a leverage the other governments have been trying to pull. but your point is interesting. it's not just the uk we were seeing there. and it goes back to the point you were making about oil. u.s. retail gas prices are down 16% since their peak this year. if it weren't for the fiscal cliff, this is actually a big source of stimulus for households. absolutely. i don't want to make too much about it, but the biggest attacks oeft with the and elevated since the mid '70s, it could be coming to an end. so i think that is something we need to be aware of. the annual fuel rate in the uk is about 15 billion to consumers. you're looking at another percent on income. so as i'm sitting down righting the income for next year, it's not all doom and gloom, the mood is
'll take a look at gilts. slightly lower, 1.77%. big day for uk. manufacturing pmis out for the month of november. italian and ten year sbpanish yields are also lower. down on the greek announcements, but substantially below 6%. ten year bunds 1.37%. those yields slightly higher. on the currency markets, we talked about this euro-dollar six week high. below that at the moment, but not by much. dollar-yen moving off the 7 1/2 month high at 82.17. aussie dollar weaker despite the good chinese data. dipping below 1.04 earlier on. we had retail sales data that was a little bit disappointing. sterling-dollar back above 1.60 as we wait for the pmis. the most searched terms apparently of 2012 were the u.s. election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let
, relatively flattish trade, as well. the yield here on the spanish yield, 5.3%. the uk seeing yeldz slightly higher, as well. but, of course, it is christmas. it is the holiday season that we're up against. so you would anticipate that maybe some investor res closing out recent profits. sitting tight and waiting for that next year to start, karen. >> thanks very much, louisa. we are indeed in a festive mood. let me echo a very merry christmas to the viewers out there. on the agenda in the united states, there's no economic earnings start to go speak of this christmas eve. the markets will be closing early with the nyse and nasdaq depending at 1:00 p.m. eastern, the cme at 1:15 and the nymex at 1:30. the cme will close up shop at 1:45 eastern. u.s. investors get the monthly case-shiller home price index on thursday wednesday. thursday, it's jobless claims, new home sales and consumer confidence. friday, we round out on the week with the chicago pmi pending home sales. interesting to see the level of volume that we had in u.s. markets on friday. it was 4.8 billion shares traded. the fourth lig
if it weren't for the ipad, the uk sales figures would be extraordinarily weak. >> yes. although, you know, for the uk economy, the consumer sector is not the weakest point. i think what is interesting about the uk economy in the last six months is this quite stronger than expected growth. if you look at the gdp number. but a very worrisome trend. so a liberal market that remains very, very firm with respect to other similar economic weakness. and i think that is what we really have to solve on the uk economy to know if this relativerelativ relatively soft, but also, i mean, rather encouraging if you look at other european countries numbers. i think we will have to wait until well into next year to understand if this is going to have a long-lasting consequences on the uk economy and also on the consumer sector. it's too early to say. >> you mentioned it's not necessarily the consumer where we're looking at the gauge of growth in the uk. but we see the employment figures be relatively strong even at a time when gdp generally is weak. what's the disconnect between what we're seeing in the em
july, 2011. up .5%. yields coming down during the session yesterday. employment numbers out of the u.k. in around 15 minutes or so. we'll keep our eyes on that. yields also -- treasury yields, 1.67%. gild yields, 1.63. and bond yields higher. they got kicked higher in germany post that survey which we broke on the show, as well. as far as the currency market, dollar bit under pressure ahead of the fed. euro/dollar 130.08. we were down late friday and early monday trade, as well. dollar/yen, highs polls suggest mr. erbe will be a clear win in japan. however big will the lead be and what influence tell have on the bank of japan. dollar and yen pressured by more q.e. talk. and aussillar three-month high. the prospect of q.e. boosting commodityets. canadian doing well. firm at 1.6122. we have more on the asian trading day out of singapore. >> reporter: hi, thank you, ross. most asian markets finished on a bright note. the shanghai composite recouped morning losses in positive territory. property stocks turned higher in the afternoon. stocks also rallied while investors await beijing's det
export performance, creating jobs in the manufacturing sector. but germany and the uk need europe to improve. >> it comes at an inkrd eblly high cost in terms of the number of people out of work. what has been done? how much have we destroyed so that the jobs outlook and growth prospect in this country? >> well, what growth prospect in the southern european countries? we're seeing definitive bifurcation of northern europe and southern europe. southern europe, we are creating an underclass of long-term, especially youth unemployed that is going to give us a problem when the economies eventually start to get into balance and start to pick up. we still have this issue, even though we have tens of millions of people out of work, we still can't find the right skills and the right time. >> you mentioned the uk. the unemployment picture never got that bad in britain. so what happens now? why did it outperform? >> the uk is so different from the rest of europe. we've got london, the financial services sector, that didn't actually, in terms of job numbers, get hit as hard as the rest of eu
in ubs have edged up in early trade after the bank announced a major settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. with more we'll look at the story with carolyn roth with us on set. i guess we're expecting a settlement, expecting something big. what have we learned today? >> well, first of all, i mean, the market reaction -- ubs up by 1%, can you believe that? what barclays was hit with $450 million fine, i mean, we saw a big hit in barclays' share price. this fine is three time the amount that barclays was fined. $1.5 billion or $1.4 billion swiss>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss regulators $59 million in profits because the regulator can't fine ubs. the fine from the fsa is the biggest ever, 160 million pounds, $1.2 billion will go to the u.s. regulators. so the second biggest fine that was ever handed to a financial institution. of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm b
force the u.k. government to make payouts of the payout over the space of three years. beatings, threat, sleep depravation, sexual humiliation say amount to systematic torture. >> you have to be very careful before you start embarking on anything that might turn into torture. the question is, of course, whether sleep depravation, whether food depravation, water depravation whether putting somebody in a cell without any access to any light or ability to exercise, well, is this torture? it doesn't take much of that to constitute torture. >> britain's ministry of defense while acknowledging the payouts assures that it wasn't anything but a few. the vast majority he said have acted with dignity. we seek to ensure that those responsible are brought to justice [beep] -- brought to justice. [beep]. [beep]. >> but it's starting to cost the u.k. government a lot of money. >> $3 million have been paid out. that's an average about 114. with almost two -- 200 cases the ministry of defense is likely to get bigger. there are the 700 or so individuals that could be filing claims in 2013. >> still ahea
very cautious trading. we have industrial production coming out of the uk. if worse than expected, may get a negative q4 for the uk. italian yields are higher. spanish 5.54, just nudging a little higher. bunds down 1.29d% after the downgrade by the bundesbank, as well. draghi says we discussed it and again a big town great in inflation forecast, as well. some saying maybe they still won't, but it does knock the euro-dollar, 1.29d 25 is where we stand. dollar-yen 82.37. we talked about the yen in relation to what was going on with the earthquake. aussie dollar below 1.05. sterling-dollar just slightly weaker. that's where we stand as far as the european markets are concerned. let's get a wrap of the final trading day in asia this week. >> asian markets wrapped up the week on a mixed note. shanghai composite gained 1.6% and it's up over 4% on the week. stocks related to citi growth continued to surge as the new urbanization plan is aiming to boost investment plan. agriculture stocks up today on support policies. hang seng dragged lower by utility stocks. picc staged a strong trading debu
to allow the ecb to directly supervisor the three largest banks in each country except for the uk and sweden which have both opted out. european leaders need to give their seal of approval and silvia wadhwa is in brussels with the latest. sylvia, it sounds like the meeting went into the late hours of the night. it sounds like the uk and sweden got their way. how significant is this agreement? >> the early hours of the morning. one may wonder whether that's good news for sweden and the uk that they opted out of the banking supervision or whether that's good news for them in that sense that they opted out and had their way. bottom line is, we have an agreement. that's the most important thing. otherwise, they threaten meetings going between the years leading up to christmas because everybody agrees that we might have a type of agreement before the year is out. the agreement that is on the table, ecb will be the banking supervisor. the straightforward ecb supervisory council will be flanked by two other committees, a mediation committee and a steering committee. the personnel of this
are telling some american companies it is time to start paying their fair share there in the uk. even throwing around terms such as shame, outrageous when talking about it. executives from google, amazon, and starbucks all appeared before a parliamentary committee looking into how international companies minimize the tax they pay in the uk. richard quest is in london to explain it all. now, richard, not necessarily talking about tax evasion here. it's more like avoidance, minimization, what's the concern? >> reporter: that's exactly the point. the companies are not breaking the law, not doing anything wrong. the accounts committee described their actions as immoral claiming they have r. so arranging their tax affairs so as to pay no tax in the country where the money is earned. this applies to google, which uses ireland, applies to amazon, on the continent, and it applies to starbucks in amsterdam. what we learned is how these companies arrange their affairs. so even though the latte is bought in london, no tax is ever paid except on sales tax to the uk government. i need to demonstrate this t
us is allen higgins, chief investment officer for the uk coutts. good morning. >> good morning. >> so we've had 12 years of exposure to gold. you're limiting it now. why? >> it's starting to lag, but more subtly from a portfolio construction perspective, it's lost its negative correlation. for example, quarter 2010, well, euro crisis won when we had equity markets down a lot then gold really surged forward, giving a negative correlation. and so for the portfolio manager at coutts, it has been at times a legal high gold exposure surging upwards in times of stress. for those days seem to have gone. trimming it. that is a fact that there's a real shortage of low risk investments of on german bunch negative. >> but you're saying it's trading like other risk assets at the moment. >> at times, it's correlated with em. so it's less attractive from a portfolio construction perspective as compared to what it was. >> it's fascinating because we've been talking about one theme for 2013 being is it a stock picker's market, are we seeing less differentiation, what you're saying would suggest that
, for example, the uk, it's actually a relatively small amount. if japan tries a much larger qe event, surely we go down the route of the uk which in and of itself does not demonstrate a huge increase in inflation and a huge increase in market growth, either. >> arguably, that is one of the problems with the huge task that the boj has ahead of it. people progress in terms of growth, japan has bigger problems, much bigger problems in terms of the demographic in terms of the structural hold back. so there are a lot of sectors at play now. i think one of the names that the boj has is whether this will work or not. but if were looking at it more from a yen perspective, certainly two things are going to drive the yen are going to be the relative price of the boj balance sheets with respect to, perhaps, the fed and the ecb and the other being the jgb. >> and briefly, in summary, what are your favorite strategic calls? >> the strategic calls for us are going to be buying the rupee against the yen. we are looking for the yen to depreciate further and keeping our fingers cross on some policy upside comin
over to the delta brand. this is all about increasing its exposure into the uk market, specifically the slots at heathrow. those remain the crown jewel in terms of the airline business going over to europe. if you have access to those slots, it's a much easier way to become profitable or increase your profits over in europe. by the way, there are 31 daily flights between the uk and north america. we'll find out exactly what happens in terms of frequent flier redemption possibilities between delta and virgin atlantic. remember, virgin atlantic is not part of any global alliance, not part of the sky team alliance, although many wonder if that's going to change with some time. take a look at shares of delta. richard anderson has had a nice little move here. some people would say, listen, this is all about jet fuel as it has moderated. there's something else at play here. we'll be talking with richard anderson about this at 11:40, first on cnbc. we'll talk to him after the press conference announcing this deal. you don't want to miss what he has to say. this is a ceo, and we've talked a
capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar index has hit a one month low. you're redollar up to euro-dollar up near the high we saw yesterday. dollar-yen moving away from the 7 1/2 month high. rebounding against the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consumption target by 2015. the hang seng finished m eed marginally in the green. losses in the services sect
to a recent outcry in the u.k. that multinational companies are skirting taxes by shifting profits to overseas divisions. the managing director of starbucks u.k. says they have always paid taxes to the letter of the law. but will make additional payments in 2013 and 2014 despite the fact that the u.k. unit is not yet profitable. : amazon also have been targeted as not paying their fair share in england. >> we will have more on the weather and traffic and more on the sunshine later this afternoon. combat is 5:14. >> reservoir is that as local reservoirs and a much- needed increase in water levels as a last week end storms. >> reservoir is in santa clara and gross unethically with rainfall, the levels are still not exactly where the need to be. >> since last wednesday the santa clara valley water district said average storage in their reservoirs and attend reservoirs' and chrism 74 to 91 percent of where they should be. that is an increase of nearly 4 billion gal. of water. and over in the east bay, what reservoirs' levels increased about 3%. east bay mud says all their reservoirs are now at 85
irish fan, so hopefully not. >> is dolmen all over the uk? >> that's correct. they're predominantly in ireland, but you look at ireland right now, they're actually going through the reforms. they're trying to inject money in a credit fashion into their economy. and we certainly think we can bring our fixed income expertise and continue to help them. >> that would make sense for cantor. ireland was the mf-will first they were in trouble, then the model for the world. what got them into trouble again, housing or real estate or something or bad banks or -- and now again they're kind of a model for everyone on how to handle it. is that basically the last five years? >> absolutely. certainly was a real estate bubble there. now there are austerity measures being put in place and they're actually following through on the austerity measures. so certainly they'll come out first and actually look pretty good. >> so where is the most business for you for cantor in ireland, what will you be doing? >> certainly it's an equity based firm. we'll bring our fixed income expertise, probably become th
. as you can see there, the uk gilt is telling offer a little bit. yield riding to 1.78%. whether it's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the
as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, plenty to come on. >> yes. the south american union faces ejection from the imf for allegedly cooking its books about the innation rate. we'll head out to europe where the swiss banking giants could be facing $1.6 billion over libor rate rigging allegations. >> and we'll be on the floor in beijing where china's leaders just wrapped up a major conference. >>> and japan's prime minister election is calling on the bank
they are charging you to print out a boarding pass at the airport. ryan air in the u.k. charges $60 to print out a boarding pass at the airport. what we are going to see is more airlines enforcing do it yourself procedures. for example, printing your boarding pass yourself at the airport you lug in your destination, you get the boarding pass, put it on director bag and bring it to the conveyor belt and you will see do it yourself at the jet way and you will scan your boarding pass to get on to the plane and what we will see is --. >>neil: what is next, the the passengers will fly the plane? >> you will pay to talk to an agent. that is where it is going. you pay to talk to an agent on phone to make a reservation. they will charge you to deal with that. the airlines are finally making money, but, they have been behind the eight ball for so many years and they are not playing on the same playing field that autos or banking. for example. delta, we just read, wants for buy 49 percent of virgin atlantic. why not buy 100 percent? >>neil: it is a mess. we are getting a response from the white house on t
all closed in europe. only the uk, french, dutch and spanish stock markets are open and they're going to be closing early. there are now only five trading sessions left in 2012. get your act together. stocks and bonds, solid gains so far this year. the dow has advanced 8% in total. the s&p 500 up almost 14%. the nasdaq has jumped 16%. it's been a good year. the end of the year also means we are just days away from the fiscal cliff, however, and that's the bad news. and looming tax hikes, spending cuts, all of that. both sides warning a very big deal becoming a bit more unlikely. >> and my one bit of advice to speaker boehner is this. you cannot pass a bill with just republicans. on a broad thing like this, you need both. and he has put himself with plan b and sort of an impossible position. he has to get these hard right goes to go along with him. and he and the president were going to say we're going to pass a deal with the majority of republicans and the majority of democrats in the house and senate, we would get a mainstream deal. >> i think we're going to fall out of the fiscal tr
trip flights between the the u.k. and north america. direct tv charging $3 more a month for sports network for those who want packages above the lowest tier. the 20 # 13 l.a. dodgers set to have the largest opening day payroll in major league baseball history with a recent report saying the payroll is more than $220 million beating out the previous record held by, yes, 2008's david's new york yankees, and speaking of the yankees, dropping stubhub as the retailer of choice. the refusal to set a price floor for transactions prompted the team to opt out of the deal, and, yes, i blew it. you heard the buzzer. david: oh, you were close. we've seen images of angry protesters in michigan heating up all over michigan, but despite the push back, the house there approved a right-to-work bill that governor rick snyder prepared to sign tomorrow. the governor joining us now from lansing. i know you are busy, seen the video all day, questions on what the law and what it is not, and the president weighed in on his version and i'll play what he says and want your reaction to it. >> what we shouldn
canada, the uk, australia, denmark, singapore, hong kong -- they have a points system. admission is awarded based on skills, experience, and education. maybe that's the answer. maybe it isn't. in a country that's always favored the underdog, we haven't really put much thought into this, have we? this fiscal cliff fight is going to end one way or another and then the real work begins. immigration reform is ahead. let's keep the conversation going. find us on facebook and twitter. our handle is cnn bottom line. "cnn saturday morning" continues now with the top stories we're watching. >>> from cnn world headquarters in atlanta, this is "cnn saturday morning." some are calling it the next roe v. wade or brown v. board of education. the issue the u.s. supreme court agreed to take on that will make history. >> all of those who argued for nonintervention because of the things that might happen have now happened because we failed to intervene. >>> when is enough enough? that is the question many are asking about syria, as the death toll climbs and concerns mount over chemical weapons. no
from trading? >> you couldn't i did not think that was the way to go but look in the u.k. with the european commission, it smells like glass-steagall with the difference. they say separate those in the same thing i am doin the same thing i am doing and all the rest and say put it into the same holding company. we will separate the subsidiaries and put to all of the trading with the underwriting and of prime brokerage and equity funds from the other subsidiary of the commercial bank, i think why don't they take the final step? because it is very hard to say they're not related. they immediately run into problems what transactions will we permit with the so-called investment day for the retail bank? and we use the same language. what risk does it create? let's separate them all. we will see what happens. >> one of the leading experts of the volcker rule. [laughter] and we discuss it. [laughter] some '02 distinguish proprietary trading through speculation. your argument in the book talks about the second. >> but i got that whole idea from proprietary trading. i said why do y
at a situation where governments, just like in the uk, have to come one a support mechanism to make that economically viable. so i think that's going to be the saying across the world. that is quite expensive here in europe. i don't necessarily see europe as a whole changing its mind and going from nuclear. if you take germany, for example, why did they change their mind? obviously, there were safety concerns but probably more importantly, it was to do with the ballot box. there was quite a bit of opposition, people out on the streets protesting and in the end of the days, the politicians decided to take what i considered to be a political course rather than an economic one. >> i don't think we would describe it as positively rosy just yet. we're saying that the storm clouds are listing. but as you're hinting, there are big question marks about growth in 2013, particularly in the euro area where we're not expecting very much more than a flat economy at best. key thing for the investment markets, as you know, is that gdp growth is only a small part of the story. a lot depends on what
the key here. 31 daily nonstop flights. that's all part of what goes between the uk and north america for virgin atlantic. the brand remains, guys. make that clear here. the virgin atlantic brand does not go away. what changes is that delta has a 49% stake in the company. there's going to be a press conference later this morning here in new york. we're going to be talking with delta ceo richard anderson, and "squawk on the street" a little later on this morning. but this is a big deal in terms of what's happening with the airlines, and that international consolidation that we've all been expecting. guys, back to you. >> before you go, real quick. how much is this going to really impact delta, singapore air, which had this stake, was unhappy ultimately, because they didn't have the control that they really needed. or thought that they needed. >> i think richard anderson believes he will have the control. also singapore airlines, many believe that it did not utilize the access to heathrow as effectively as delta will be able to in terms of flights between north america, and heathrow. so
're not being impacted at this stage. we are in the france, uk and spain and all of our businesses are growing in each market. we're hiring in all of those markets. anybody who wants to know. >> have you changed the mix of samples depending on the economic environment? for instance in 2008 did you have maybe a lower end price point product as well as a higher end or no? >> that's one thing about the beauty industry, trends are always changing. it's an accessible luxury. you've heard of the lipstick effect. when the company goes down people want to treat themselves. one thing we've seen this year is male trends. nail polish, nail art. >> carl loves nail polish. he just loves it. >> what are all those people who give out samples in department stores going to do when you put them out of business? >> they're doing something different. department store sampling and sampling in stores is a loyalty moment. it's not a great thing to do for customer acquisition. you still have to get a customer to walk up to you. we're doing something really different. it's customer acquisition and it's in a very targe
's grappling with the same question helped by some decent uk inflation data today. and a t-bill auction in spain. our road map begins with what appear to be significant progress in the debt negotiations overnight. a whose proposal looking to raise rates for those making more than $400,000 a year. but senator corker on squawk just poured a bucket of ice water on those hopes. >> whitney boosts her recommendations on citi, bank of america and discover financial. is that move by one of the more famous financial bears, a sign of a new era for banks? >> walmart is once again the target of a "new york times" investigation. but does the paper add anything new and can the stock outperform just as it did last time. >> private equity firm server said it will sell the firearms conglomerate. is private equity talking about guns in the country. >> futures moving higher on optimism. the white house republicans rising above partisanship, getting closer to striking a deal on the fiscal cliff. we have the latest on not just the breakdown of this offer, but by the response of some key senators this mornin
%. what we saw was the recession expanding. spain, italy, the uk, all found austerity taking its toll even more as unemployment continued to rise in some of those countries. even the large country, the economic powerhouse germany found its slelf slowing down. the root cause of it all was the inability of the european governments to come to policies to get growth started again. towards the middle and end of the year they did, but the tale was style there. very much austerity again and again. perhaps if there was only one change that took place as we moved into the fall and into the winter. it was the realization that most of these countries could take no more austerity. social welfare having been cut, health care cut, unemployment, growth virtually nonexistent. now the talk is not of more austerity, but how to get growth started again across the contine continent. suzanne. >> thank you, richard. >>> christmas, of course, is a time of giving, but there are many struggling families in boston that couldn't aafford to get their children he anything. this year for almost six decades help kamt no
europe and people in the u.k. and throughout the world. my hope is we are going to get the deal done. >> we have three weeks or so to play with at least this year some say. is that feasible knowing what you know? >> i think what you have to realize is there has to be a down payment. president outlined what he wants for that down payment on revenue side. let's have rates go back up which was the underlying assumption that was included in the whole simpson-bowles plan. the gang of six plan embraced that as well. brought the rates back up to 39%. you could still do tax reform after that to bring them back down and eliminate the tax expenditures. that's a good starting point. will we fully get through tax reform and entitlement reform by the end of the year? obviously not. what i fear is let's not continue to negotiate this into the 11th hour. every day that we go on during this period, during retail season, you hold back consumers which we know consumer confidence is two-thirds of the economy. folks are not buying stuff because they don't know what will happen come the beginning of the
encrusted ipad 2? that's right. two generations old. from the uk's stewart hughes. just $8 million. still too practical? check out this diamond encrusted blackberry bold for $1.2 million. to be fair i'm not sure they're selling that one anymore, carl. >> the 10 is still coming. maybe you can modify it for the 10. that is fabulous. take me back to the television. i assume it's only as good as the input you give it, right? if you play a standard dvd it is going to look like a standard dvd? >> that's right. it'll upscale blue ray and sony gives you a server with 10 4-k movies preloaded. it loans that out to people who buy the tv. >> all right. now the robot. did i hear you right? your face appears on the forehead? >> yeah. it's a little kind of a cross between fun and creepy. you can talk to the robot. see the person's face. >> definitely on the creepy. >> it's kind of fun to try to steer it around and, you know, i got to steer it myself when i visited the
. and pervasive, they call it manipulation of libor by dozens of staff. the penalty was agreed to with u.s., u.k., and swiss regulators. it is more than three times the $450 million fine that was levied on barclays in june. the second largest fine ever on a paid -- paid by a bank. it only was topped by the $1.9 billion penalty that hsbc agreed to last week to settle that money laundering probe. >> crazy thing that stock's up. it's leading the exchange there today because people had been expecting maybe a slightly higher fine even than that. three times the amount. it was supposedly taking place for five to seven years, 30 to 40 traders have left. pretty pervasive. >> i wonder how much they -- they make money or lose money after -- >> after all was said and done. $1.5 billion. >> probably lost. they did well. the libor stuff, if you can set rates -- >> well, and the crazy thing, it affects so many different instruments and so many people and so many businesses. >> right. >> i don't know that you could ever actually figure out all the implications from it. >> right. from everyone. and in a related
look particularly appealing here, due in part to signs of resilience in u.k. gdp growth. so we've had the european close. meantime, bob joins me here at post nine with a look at not just europe but what we're doing here state side. >> sort of moving sideways and consolidating. a little news on night capital. just got off the phone with tommy joyce, who is now the executive chairman. take a look at night here. remember the deal. they've sold. they sold to geico here. a rather complicated deal. a two-to-one cash to ratio stock. again, i did talk to tommy. he said he'll be working there on a daily basis. none of these absent chairman things. he's going to be a hands-on guy. certainly a relief to everyone. everyone wants tommy joyce involved in their business. dan coleman will be spending half his time in chicago and half his time in jersey city. very interesting dynamic going on here. sort of a working partnership between the two of them. tommy insisted to me this is a complementary merger. that is true. given it's $720 million or so, how are you going to pay for it? are they going to se
will close at 12:30. facebook is accused of dodging taxes in the uk. the london "times" said they tried to hide taxes. a tablet for under $100, the journal said acer selling a $99 tablet next year. similar to the amazon kindle fire and barnes & noble nook color. >> by now, we all should certainly know about the fiscal cliff, shouldn't we. but there's another so-called cliff that's getting people's attention. brian shactman has more. >> some calling it the container cliff. negotiations broke down late last week. that could be bad news from massachusetts to texas. if there's no deal, several thousand dock workers could walk off the job at 15 ports at 12:01 a.m. on december 30th. this includes the port of new york and new jersey, which is the largest on the east coast, handling more than $200 billion worth of goods in 2011. a lot of that from china. the basic issue is this. there are container royalty fees which supplement wages. the employers want the amount capped. the dock workers do not. this is such a big deal florida governor rick scott sent a three-page letter to the president late
of the capitol. he was a tour guide he showed me the shoeshine boy and says u.k. and 25 cents but if you can afford you give him a tip. there's a parlor shop, the bank, and then he took the on the floor and said that's where i sit. that's where you will sit. someday you'll sit there, by the chairman. and then i addressed mr. speaker and i will address you as the gentleman from hawaii. i will be damned if i'm going to call you by your name since i can't pronounce it. [laughter] and we got to be good friends. he invited me to the texas table because we had no hawaii table in the dining room. and the chicago fellows and pennsylvania fellows and new york fellows were all good to me. >> like your colleague, daniel akaka and former transportation chairman norman, world war ii was important in the event in their lives and in your life as well. you serve in the most highly decorated unit in the history of the united states army and received a bronze star, distinguished service cross and middle of honor. can you tell us what you learned from that experience, and how did that experience impact your pu
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